How to over pay?

B'stard

I have just bought an house, my wages are paid into the Abbey but my mortgage is with Nationwide, so how can I over pay on my mortgage?
I haven't made any mortgage payments yet.

elsien

Depends how much you want to overpay and how often.
You can pay by cheque over the Nationwide counter, or if it's a regular monthly amount, set up a standing order. Just make sure you get the timing right and do it after your mortgage payment has gone out. (Nationwide warned me that if the overpayment went out first, they might think it was the mortgage payment and might not then take the direct debit.)

Coveredinbees!!!!

assuming you can make over payments not all mortgages will allow over payment, best check first.

[Deleted User]

elsien wrote: »

(Nationwide warned me that if the overpayment went out first, they might think it was the mortgage payment and might not then take the direct debit.)

I didn't know about this but i've made a number of overpayments before the mortgage payment and it hasn't been a problem.

Most Nationwide deals allow up to £500 per month overpayment BUT check your mortgage paperwork. It will be in there.

B'stard

I can over pay by £500pm, I just didn't know how I went about doing it. Can I over pay by paying cash over the Nationwide counter and telling them I want it to go towards my mortgage?

[Deleted User]

There is a thread further down the main page called "Overpayment options on Nationwide BMR mortgage".
It may answer some of your questions.

elsien

B'stard wrote: »

I can over pay by £500pm, I just didn't know how I went about doing it. Can I over pay by paying cash over the Nationwide counter and telling them I want it to go towards my mortgage?

Yes, but if you're doing any over the counter payments you need to make sure you have your mortgage account number with you, or they won't accept the payment.